According to ME News, on July 31 (UTC+8), monitoring by Julio Moreno shows that on-chain data for Bitcoin has not yet exhibited signs of capitulation selling, suggesting the market is in a mild correction phase or may face further declines. Over the past year, Bitcoin holders have realized losses of approximately 136,000 BTC; during previous cycles, annual realized losses typically reached 1.3 to 3.7 million BTC when Bitcoin prices hit their lows. Julio Moreno noted that this could indicate lower on-chain stop-loss selling in this cycle, or that significant downside potential remains. (Source: ODAILY)
Bitcoin chain data shows no capitulation sell-off; further decline possible
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Summary
On-chain data from MetaEra indicates that Bitcoin has not experienced capitulation selling as of July 31 (UTC+8), with Julio Moreno’s on-chain analysis pointing to a mild correction phase. Over the past year, holders have realized losses of approximately 136,000 BTC. In previous cycles, realized losses near market bottoms averaged 1.3–3.7 million BTC. Moreno suggests this could indicate reduced stop-loss activity—or further downside ahead.
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